A private landed housing site in Lorong 1 Realty Park in Hougang has drawn bullish bids from 11 developers.

The top bid for the 99-year leasehold site came from a consortium of Fantasia Investment (Singapore), Sun Renwang and Yang Xinping at S$75.8 million or about S$525.58 psf per plot ratio, said the Urban Redevelopment Authority at the close of tender on Thursday.

It was S$13.8 million or about 22 per centmore than the second-highest bid of S$62 million tabled jointly by Singhaiyi Investments and Haiyi Wealth.

The Lorong 1 Realty Park plot spans nearly 13,400 square metres and is within an established residential area in Hougang.

About 50 landed homes of up to three storeys can be built on the site.

Analysts said its popularity of the tender lies mainly on the fairly small plot size and the dearth of sites for landed development.

The Hougang site was released for sale via the confirmed list of the Government Land Sales (GLS) Programme for the first-half year.

A decision on the award of the tender will be made after the bids have been evaluated and will be announced at a later date, the URA added.

Downward pressure on second-hand homes to increase in coming 2 months According to global real estate consultant JLL, mass residential property prices in May 2016 have dropped 8.3% on the year in Hong Kong. JLL’s Mass Index, which monitors the capital value movement of a basket of mass residential properties in Hong Kong saw secondary home prices stabilizing in May 2016 as more buyers returned to the market looking for bargains.